NYL History
What year was New York Life Founded?
A) 1801
B) 1820
C) 1845
C) 1845
NYL was founded on April 12, 1845 and has occupied its landmarked headquarters on Madison Avenue in New York City since 1928.
How old is Steve?
37
He is 37 years old!
What are the minimum volunteer hours needed to earn an Individual Grant?
A: 30 hours
After volunteering for one nonprofit for 30 hours you can apply for a $500 Individual Grant.
You can earn two of these per year, and they can be for the same nonprofit or two different nonprofits.
Coaching sports, teaching kids, or being a Boy Scout/Girl scout leader are examples of how to earn this grant.
The 2023 Giving Campaign is running from February 27 – March 17, 2023.
Each year the NYL Giving Campaign is an opportunity for our employees and agent to come together to donate and raise funds for the philanthropic causes that are important to them.
As a whole, how much did we raise during the 2022 Giving Campaign?
A) $2.32 Million
B) $5.13 Million
C) $6.65 Million
C) $6,650,000
We raised a record-breaking $6.65 million and had more participation than ever before.
The Chronic Care Rider is designed to protect policyholders from the financial hardships of chronic care. The rider provides tax-free acceleration of the death benefit of a life insurance policy based on the insured becoming chronically ill for a minimum of ninety (90) days in which the insured cannot perform 2 of 6 activities of daily living or has a severe cognitive imparment.
What are the 6 daily living activities?
Must get all 6 correct to earn the points
A: The 6 daily living activities are: Bathing, dressing, eating, toileting, transferring, and continence.
Once you cannot perform 2 of the 6 daily living activities it will trigger the CCR. These are also used to trigger a Long-Term Care claim on Asset Flex, Secure Care & My Care.
In 1800 it was prohibited by law in the US for women to enter into contracts, including insurance policies, or even legally inherit an estate, Yet in 1880, NYL was amongst the pioneers of the industry in recruiting women, as they hired how many female agents?
A) 5
B) 20
C) 45
A) 5
In 1980, the first 5 female agents were hired.
By the 1890s, NYL witnessed its first female top-producing agents. Considering this was at a time when even the presence of a woman in a business office was frowned upon, it was a tremendous accomplishment.
What was Steve's college GPA?
A) 2.6
B) 3.3
C) 4.0
2.6
Apparently, Steve went to more parties than study groups.
What are the minimums to earn a Team Grant?
How many volunteers?
How many hours?
A) 1 & 20
B) 5 & 40
C) 10 & 60
B) 5 & 40
Team Grants are earned by having a minimum of 5 NYL'ers and 40 hours of service.
Each hour volunteered earns $18 for the nonprofit. We can earn an unlimited amount of Team Grants, up to $10,000 each.
The Minnesota GO is aiming to get 80% -100% participation from all agents and employees.
After hitting the goal our Managing Partner Steve Perry, Development Manager Corrie Haux & soon to be Partner Ben Eby are going to jump into the cold Lotus Lake on 4/15.
What is the minimum you can donate and still qualify as "participated"?
A: NYLGiving.com allows $1 as a recurring donation or $5 as a one-time donation.
The Giving Campaign is a great time to set up recurring donations for all your favorite nonprofits. Be sure to set up your donation today, so we can be the second GO in history to have 100% participation!
What does LBR stand for?
A: Living Benefits Rider is an optional, "no cost of insurance" rider that allows the policyowner the option to accelerate 25%, 50%, 75%, or 100% of eligible death benefit proceeds when the life expectancy of the insured is 12 months or less. LBR is not automatically included and must be applied for.
Maximum Accelerated Benefit Amount: $250,000 per policy limit
Availability: May only be elected in the event of a terminal illness.
Benefits: This rider provides the policy owner with valuable financial resources in the event of a terminal illness. Proceeds may be used to provide peace of mind to the Insured by easing the burden of medical, living, and dependent support expenses.
The Nautilus Insurance Company, our predecessor company, was established in 1841 and at first, was a _____ and _______ insurance company. (what did they insure?)
A) Property and Casualty
B) Life and Auto
C) Fire and Marina
C) Fire and Marine
In 1843 Nautilus petitioned the New York State legislature to allow it to organize as a mutual company and sell life insurance, provided they received applications for life insurance amounting to $300,000. They reached this goal in 2 years and April 12, 1845 became NYL's birthday.
Where was Steve born?
A) Washington
B) California
C) Alaska
C) San Diego, California
Steve lived in CA for ___ years before moving with his family to Anchorage, Alaska.
Community Impact Grants are the largest grant offered by NYL. Only GO Staff and Council Agents are eligible to apply.
CIG are competitive grants and not everyone that applies will receive one. Before applying you should consider getting an Individual Grant, a Team Grant, and being on their Board of Directors. Heavy involment is required.
What is the maximum CIG given?
A) 25,000
B) 30,000
C) 40,000
A) 25,000
Community Impact Grants are awarded by New York Life each quarter. The amount of the grant is determined by the need of the nonprofit. NYL will look at the applicant's activity, how you got the office involved, if your MP has been involved, and if you have donated money to the nonprofit. NYL also looks at how the nonprofit is impacting the community and what demographic it is helping.
Since this grant is awarded by New York Life and not The New York Life Foundation the company will help you with a press release and recognition in your home town.
To promote and encourage individual giving, the New York Life Foundation matches gifts made by eligible New York Life employees and agents to eligible elementary, secondary, higher educational institutions, childhood bereavement programs, and New York Life Foundation strategic educational grantees.
What is the maximum match per NYL'er per year?
A: $5,000 per calendar year
Employees and Pro-Active Council agents can receive a match on their donations up to $5,000 when donating to schools, bereavement organizations, and NYLs strategic grantees.
Whole Life Insurance
What are the four dividend options available?
Must get all 4 correct to get the points
A: Paid-Up Additions, Dividend Accumulation, Premium Payment, or Cash
In 1897 how many agents attended the first NYL Council Trip?
A) 26
B) 53
C) 88
A) 26
26 agents went to the convention at the then-popular vacation spot Put-In-Bay, Ohio.
Agents had to write $200,000 or more in (face amount) to qualify for the trip.
What year did Steve start at New York Life?
A) 2001
B) 2006
C) 2009
B) 2006
Steve started as an agent with NYL in 2006. After 4.5 years he became a Partner and in 2010? he became the Managing Partner of Anchorage GO.
How many offices participate in Volunteer for Good?
How many agents are Coordinators?
A) 109 & 24
B) 73 & 17
C) 52 & 8
A) 109 offices & 24 agents are coordinators
Volunteers for Good started in 1998 with 4 employees offices: HO, DSC, MSC, CSC
Since then it has grown to 109 offices! Field offices are encouraged to have one agent and one employee Co-Coordinate the office. There are currently 24 agents Co-Coordinanting VfG for their office. All the Coordinators get together for a conferance once a year.
The 2023 Giving Campaign is running from February 27 – March 17, 2023.
What is the advantage of setting up your donations when the campaign starts?
A: Fun Friday drawings
Once you make a contribution of any size, your name will be entered into the weekly Fun Friday prize drawings, which will take place throughout the campaign.
When you make a donation this first week, you are automatically entered to win fun prizes for the following three Fridays. 5 agents and 5 employees win weekly!
What does the CPB rider do?
A: Child's Protection Benefit (CPB)
Provides for premiums to be waived until the policy anniversary closest to the child’s 25th birthday, in the event the premium payer (parent or guardian) dies or becomes disabled.
In 1918-1919 the Spanish flu spread across the globe. It claimed the lives of more than 50 million people, including 675,000 Americans.
How much did NYL payout in death claims related to the Spanish flu?
A) $1 Million
B) $10 Million
C) $50 Million
B) $10,000,000 ($150 million in today's dollars)
The $10 million disbursed by NYL not only provided critical assistance to survivors but helped cushion the national economic blow. This demonstrated the security that life insurance could provide in times of need.
How many FINRA licenses does Steve have?
A) 5
B) 7
C) 9
A) 5
Steve has passed the Series 6, 63, 7, 24 & 66 FINRA exams.
What does GSSI stand for and how much is each grant?
Must get both parts correct to earn the points
A: Grief Sensitive Schools Initiative & $500
Grief Sensitive Schools Initiative uses our Nationwide workforce to go into our local schools and help teachers understand bereavement. We provide them with free tools and resources to help bereaved students in their classrooms.
Presenting a 30-minute presentation for at least 5 teachers/parents/staff the school will earn a $500 one-time grant for each school.
How many Council Credits or Summit Credits can an agent earn by donating to a nonprofit?
Must get one answer correct to get the points
A: $1,500 or $750
For all agents, earn up to 1,500 Bonus Council Credits for every dollar you give.
For new org Summit qualifying agents, earn up to 750 Bonus Credits for every dollar you give.
You don't have to give all $750/$1,500 during the Giving Campaign, but you must set up recurring donations totaling the amount you want matched by March 17th.
Deductions will happen one time per month.
The Council Credit will be added to your dashboard in June.
EMPLOYEES:
Deductions will occur on your bi-weekly paycheck.
POP stands for Premium Offset Proposal. POP is available on policies in which the current dividend values and added anticipated future dividends are sufficient to cover the future scheduled
What is the difference between PPOP and NPOP?
.
A: Partial Premium Offset Arrangement - Allows the policy owner to select a fixed dollar amount of premium to be billed to them and the balance of their premium would be paid through the available policy values.
Net Premium Offset Arrangement- Applies all available policy values toward the scheduled premiums, and bills the policyowner the balance due. The policyowner’s out-of-pocket premium payments will vary based on the available policy values. (dividends each year)